It is again time to don a Stetson and hum the theme tune to Dallas, because the next phase of the Horse Hill – aka Gatwick Gusher – oil field development is now moving ahead.
UK Oil and Gas Investments Plc (LON:UKOG) and Solo Oil PLC (LON:SOLO) are among the small cap stakeholder driving the project, and they confirmed today that a planning application has now been made to Surrey council for the next work programme.
It will comprise a new long term production test and – assuming that’s a success – two more wells at the site which is located around 5 miles from London Gatwick airport.
IGas today unveiled new estimates for its shale gas resources (estimated at 11 trillion cubic feet), as well as the amount of conventional oil in the ground – with reserves of 13.77mln barrels, plus 21.8mln barrels of contingent resources.
Nigeria focussed Lekoil Ltd (LON:LEK) meanwhile confirmed it had raised over US$12mln (£10mln) through a share placing that will see it through to the start of commercial production at the Otakikpo field – a feat anticipated in the coming weeks.
Elsewhere, Anglo Asian Mining (LON:AAZ) told investors it had enhanced its future production potential, at the Gedabek mine in Azerbaijan, where exploration has unearthed a new gold target.
Kromek, a developer of radiation detection tech, revealed it had landed six new contracts worth a total of US$3.1mln.
MySQUAR Limited (LON:MYSQ) showed investors it is on a roll, as it revealed the number of registered users across all its apps and games is now over 6mln. That's a whopping 660% more users than it had when it listed on AIM in July 2015 and significantly trumps the 5mln expected by the end of 2016.
The group has secured a 92-year lease for a plot of land at the Melbourne Convention and Exhibition Centre where it will develop the new four-star hotel. The hotel is scheduled to open in 2018 and will comprise 317 rooms and 14 apartments, making it the second largest hotel in Action's portfolio.
Back to the mining sector, StratMin Global Resources Plc’s (LON:STGR) joint venture in Madagascar has received the final permit for its Vatomaina graphite project. The environmental permit is the final regulatory permission required for the JV, Tirupati Madagascar Ventures, to initiate on site development.
Orosur Mining Inc (LON:OMI TSE:OMI) swung into the black as cost cutting and a higher gold price boosted the performance of its San Gregorio gold mine in Uruguay. Ignacio Salazar, Orosur’s chief executive, said it had been a strong quarter for the gold miner.
The reverse circulation holes have reinforced the view there is a large lateral extension of the La Parrilla orebody to the south, with excellent grades of tungsten and tin from surface at higher grades than the rest of the orebody.
Ongoing discussions between Wolf Minerals Ltd (LON:WLFE) and its lenders and major backer Resource Capital Funds “have continued to be positive” according to commentary released to market by Wolf this morning.
Wolf undertook one of the UK’s largest mine builds in many years when it put the Drakelands tungsten mine in Devon into production last year. However, since that time the tungsten price has continued to be weak, and Drakelands has struggled to deliver clear margin.